Deutsche Bank AG (DBK) is among four European banks being investigated by U.S. regulators for alleged money-laundering violations, according to an attorney with knowledge of the matter.
Federal regulators, including the U.S. Treasury’s Office of Foreign Assets Control, the Federal Reserve, the Justice Department and the New York District Attorney’s office are all involved in the probe of Deutsche Bank and three other European banks, said the attorney, who asked not to be identified because the investigations are confidential.
As with Standard Chartered the issue from my point of view is not whether prohibited transactions took place. Firms with huge counts of transactions will undoubtedly occasionally engage in a transaction that should not happen.
The issue should and must revolve around whether the banks in question intentionally altered data so as to evade OFAC and other regulatory controls.
If they did then their operating license in the United States must be stripped — period.
Nobody can be above the law or the law is meaningless. An institution that intentionally alters transaction data so as to evade detection has both admitted that it knows there’s a problem with the transactions in question and becomes a willful conspirator to the underlying act. If the underlying act can be charged as a felony the willful conspirators are and should be exposed to prosecution under the Racketeering statutes.
There is no reason for any American to conform with the law so long as these banksters continue to get away with this sort of conduct with nothing more than a handslap that is then passed on to customers in the form of additional fees.
This odious practice of ignoring criminal behavior by the rich and powerful must end now.